Overview

• Current and former employees sold roughly $6.6 billion of stock to Thrive Capital, SoftBank, Dragoneer, MGX and T. Rowe Price in a secondary transaction.
• Only about two‑thirds of the more than $10 billion authorized for sale was tendered, a sign sellers chose to hold significant stakes.
• The deal implies a $500 billion valuation, vaulting OpenAI past SpaceX to the top spot among privately held startups.
• This was not a primary raise; OpenAI’s last primary financing in March led by SoftBank valued the company at about $300 billion.
• Reporting highlights rapid revenue growth of about $4.3 billion in the first half of 2025 and expanding infrastructure partnerships, including Oracle and SK Hynix, with Nvidia having announced a plan to invest up to $100 billion.